View INSTANT Quotes

Life insurance at 56

How much does life insurance cost

Reviewed By: Rob Pinner

Rob Pinner Rob Pinner is the founder and CEO of Pinner Financial Services servicing all 50 states. Rob started his insurance career in 2002.

Full Bio >

Some people worry when considering life insurance at 56. There is probably not too much to worry about. Do you think life insurance will be too expensive? Read a little about some life insurance basics and check out the sample life insurance quotes at the end of this article. You will probably be surprised.

The time to act is now, though! The premiums you will pay only get bigger each year you wait. Ogletree Financial Services can help you get started today.

Not sure why you even need to have life insurance? We’ll show you some common places in people’s lives where life insurance is desirable. We’ll also briefly look at a few other common questions to get you started:

What is term versus permanent life insurance?
How much life insurance do I need?
How much will my life insurance cost?

We’re going to layout some very brief answers to these questions. Talk to an independent agent to get a more personal look at life insurance and your family’s needs. We’ll follow that up with some sample quotes to give you’re an idea of how easy it may be to fit your life insurance premium into even a tight family budget.


What is term versus permanent life insurance?
Term and permanent are the two main types of life insurance. We are primarily concerned with term insurance here, but we have included a few links to some permanent insurance solutions to common life insurance needs.

One big difference between may be obvious. As long as you pay your premiums, permanent life insurance will never expire. Term life insurance expires after a certain number of years, the term. The length of a term life insurance contract may be 5, 10, 15, up to 30 years and sometimes longer.

The other big difference between term and permanent life insurance is the tax-sheltered, interest-bearing cash accounts associated with permanent life policies but not available with term. Your life insurance policy can become an even more powerful tool due to the “living benefits” a permanent policy makes available.

The death benefit is the essential aspect of all life insurance, both term and permanent. If you die while you have a life insurance policy in force, your beneficiaries will receive the death benefit (the face value) of your policy.

Why do I need life insurance?
Life insurance is the best way to address the issue of your financial obligations to others in the unfortunate event that you die unexpectedly. If the worst were to happen to you today, what would your family do financially? Without the income you represent to your household, maintaining the standard of living you provide may not be possible.

Beyond income replacement, many clients include their children’s college education expenses in their life insurance computations. If you are planning to send your kids to college, then you know that this is an expense that needs to be planned for years in advance. It makes sense for many to include life insurance in this plan.

4 key features of Indexed Universal Life for College Planning

Mortgages and other large debts could be a burden for your family if you pass away unexpectedly. Especially when paired with the sudden loss of your paycheck. Life insurance can make sure this will never be a problem for your family.

Indexed Universal Life for Mortgage Protection?


Cost of life insurance If you are a partner in a small business, then life insurance may be a good way for you and your partner(s) to protect your hard work and prepare for the worst. The unexpected death of a partner in a small business can be devastating. Life insurance can ease this difficult situation for the surviving partners and the deceased’s family.

Funding buy sell agreements with indexed universal life insurance

If you have questions we are not addressing here, please reach out to
Ogletree Financial Services and get the advice you need.
We are always ready to help.

Give us call at 1-800-712-8519!
Leave us a message on our contact page to get a custom quote!
Use the free term quoter on the left side of this page!


Cost of life insurance How much life insurance do I need, and should I include critical illness coverage?
We can look at some rough numbers here, but without a thorough look at your family finances and personal life insurance needs, that is all. For example, college education expenses depend on a myriad of choices that depend on you, your child and your budget. Will they go to school in-state or out-of-state? A two-year or 4-year school? Do you plan to pay for all your children’s expenses at school or just tuition and books?

Some may suggest a simple rule of thumb or clever shortcut for determining the amount of life insurance coverage you should carry. Multiplying your salary by 10 or relying on an online calculator are very poor substitutes to a proper needs analysis under the guidance of a professional independent life insurance agent.

When deciding on how much life insurance will be required to replace the income you bring to your family, you can consider the benefit you leave your loved ones to be a nest egg. A nest egg that will earn in interest each year the amount you feel your loved ones would need to continue in their present quality of life.

Let’s imagine that you have decided that $25,000 is the yearly income required by your family in the event of your unexpected passing. We would then divide this 25k by a conservative interest rate that you are certain the nest egg you leave will earn, let’s say 4%.

$25,000 ÷ 0.04 = $625,000

This concept not only provides your family the income they need but also, leaves the initial benefit intact for other important expenses such as medical bills or education cost. The math is simple, but determining the amount of income your family would need will require some time with your independent agent.

How much will my life insurance cost?
Life insurance at 56, for those in fine health, should be quite affordable. The experts at Ogletree Financial Services can get you started right away! We deal with over thirty top insurers and we can help you to choose the best life insurance company for you and your family. life insurance at 56


We have four tables set up here with some sample monthly premiums for a non-smoking, 56-year-old male and female. The sample quotes shown here are for term life insurance. There is a table for a preferred plus risk rating and one for a standard risk rating.  We did not include no exam policies in these calculations.

Term lengths of 10, 15, 20 and 25, with face values of $100,000, $250,000, $500,00 and $1,000,000 are shown. These are only sample non smoker life insurance premiums, your premium will be based on how your unique risk is assessed. These sample quotes were gathered in July of 2016.

56-year-old Male Preferred Plus Health Category
Term Life Policy – Sample Monthly Premiums – Non-smoker


56-year-old Male Standard Health Category
Term Life Policy – Sample Monthly Premiums – Non-smoker


56-year-old Female Preferred Plus Health Category
Term Life Policy – Sample Monthly Premiums – Non-smoker


56-year-old Female Standard Health Category
Term Life Policy – Sample Monthly Premiums – Non-smoker


Life insurance at 56

With a basic understanding of some basic life insurance concepts and a look at how affordable life insurance can be, the time to act is now. Ogletree Financial Services is ready to be your guide through the application process and into the future as your family grows and your life insurance needs change.

Getting started is easy!

  • Give us call at 1-800-712-8519!
  • Leave us a message on our contact page to get a custom quote!
  • Use the free term quoter on the left side of this page!

Frequently Asked Questions

How much is term life insurance for a 56-year old?

The premiums will depend on several factors including age, health, and build. An independent life insurance agent can provide you with quotes from several different carriers.

At what age should you get life insurance?

The younger the better, ideally 35 and under. It is possible to get life insurance at almost any age, health permitting. An independent life insurance agent can provide you with quotes.

What is the cost of a $500,000 term life insurance policy?

A sample premium for a 20-year term policy on a 56-year old male is $270.23 per month.

Leave a Reply